Macquarie sees earnings estimates cut for Australia's West African Resources

West African Resources

08/07/2024 04:25

** Analysts at Macquarie see earnings/share estimates
reduction for West African Resources  WAF.AX  until CY28
    ** Brokerage reduces target price to A$1.90/shr from
A$2.00/shr, retains 'outperform' stock rating
    ** Shares of WAF rise as much as 4.2% to A$1.505 during
trade
    ** Macquarie says upsized production outlook for WAF
positive
    ** Brokerage says Kiaka gold project first production in
line with assumption, in 3QCY25
    ** The A$150m equity raise sees WAF shares on issue lift
11%, reducing EPS estimates - Macquarie
    ** All three analysts covering stock rate "buy" or higher;
their median PT is A$2.20 - LSEG data
    ** Stock up 52.9% YTD, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))